Agenda - Council - 03/11/2025 - Laserfiche WebLink

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Exemption Rules An employee shall be ineligible to contribute to the Plan if they elect and are approved by the Administrator to waive participation due to one of the following circumstances: ■ The employee is a foreign national and plans to return to the country in which they are a citizen upon termination of public employment. ■ The employee will receive employer -paid post -retirement health care coverage provided by an employer other than the employer who is sponsoring their HCSP, or through a spouse's employer. The insurance must be provided for life and at least 70 percent of the cost of health insurance coverage is paid for by the employer. The employee is eligible for certain military health care coverage. The employee must file the request to waive participation with the Administrator in a manner approved by the Administrator. Requests to be exempt from the Plan are subject to approval by the Plan Administrator. An employee's election to waive participation is irrevocable. If the employee has a Plan account balance at the time the employee becomes ineligible for future contributions, the funds credited to such account shall be subject to the same terms that apply to the accounts of other Participants, including the rules that apply to eligibility, proof of expenses, and reimbursement schedule Designating Account Beneficiary(ies) The Participant may designate a Beneficiary(ies) to receive any amounts distributed in the event of the Participant's death and there is no surviving spouse and/or legal dependents. (The Participant's spouse or legal dependents are automatically entitled to any remaining account balance after the death of the Participant.) A Beneficiary must be a natural person. A Participant may change or remove the designated Beneficiary(ies) at any time by filing a request with the Administrator in a manner approved by the Administrator. A request to change or remove the Beneficiary designation shall take effect the date received and deemed acceptable by the Administrator. A surviving spouse or legal dependents shall always supersede a Beneficiary's right to any remaining balance upon the death of the Participant. Marriage Dissolution: In the event of marriage dissolution, the former spouse of the Participant is no longer eligible to receive the balance of the account upon the death of the Participant unless the divorce decree provides otherwise. If a Participant wishes to keep a former spouse as their designated Beneficiary, a Beneficiary Designation form must be completed. HCSP Plan Document December 1, 2023 12